Dignitaries at the event
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Chuks Udo Okonta
It was a moment of truth and introspection as stakeholders gathered today at the 60th anniversary symposium/public lecture of the Chartered Insurance Institute of Nigeria (CIIN) to critically examine the state of the nation and progress made so far by the insurance industry.
The event which held in Lagos, provided speakers from different fields of endeavours the avenue to dissect the theme of the programme, which was: The Nigerian State and Values: Need for Alignment and proffered solutions to how the economy could emerge strong from its present challenges.
The Guest Speaker, Engineer Biodun Fajibi, called for a renewal on the national identity, stressing that the nation needs to assiduously work on redeeming the negative identity other nations tagged Nigerians.
From left: Executive Director, AIICO Insurance Plc, Babatunde Fajemiroku and Guest Speaker, Engineer Biodun Fajibi at the event.
According to him, over 40 countries presently have discriminatory visa policies against Nigerians, adding that this is not good for national development. He posited that Nigeria needs to have good identity to move forward.
He urged Nigerians to shun corrupt tendencies, stressing that when corruption reigns, all sectors of the economy suffer. He advocated the need for values to be inculcated in the younger generation through schools and homes, stressing that Nigeria’s future is as good as the direction it focuses the attention of the young one.
From left: Deputy Commissioner, Technical, National Insurance Commission (NAICOM), Sunday Thomas and Chairman of the event, Former President of the CIIN, Olola Olabode Ogunlana at the event.
Chairman of the event, Former President of the CIIN, Olola Olabode Ogunlana, called on all arms of the insurance industry to close ranks, work as a team and intensify efforts to educate Nigerians on the need for insurance.
According to him, the industry should be more visible and articulate, whilst operators should be aggressive in marketing their products.
He charged the operators to do more in creating awareness, stressing that as long as Nigerians both in their personal and corporate capacities do not see or are not convinced of the relevance and value of insurance as it relates to their lives, the penetration of insurance will remain extremely low.
He also called on all arms of the insurance industry to be thoroughly equipped with the skill, knowledge and expertise of not only their industry, products and services, but be fully conversant with the issues and needs of individuals and the peculiarities of the different organisations and business sectors.
He posited that the CIIN has a great role to play in supporting the operators in terms of knowledge and capacity as it relates to prompt claims payment, stressing that prompt and fair settlement of claims is critical to the growth of the industry.
Group Chief Executive Officer, Emerging Africa Capital, Mrs. Toyin Sanni, urged operators to esteem integrity, stating that every Nigerian holds the duty to esteem the value of selflessness.
“Nigeria will change one individual at a time and the first individual is you,” she said.
The Public Affairs Project Manager, Nestle Nigeria, Mrs. Gloria Nwabuike, called on insurers to intensify efforts in marketing and should strive more to meet the needs of customers.
Executive Director, AIICO Insurance Plc, Babatunde Fajemiroku, noted that to propel the growth of insurance, operators should look at the people and product.
He posited that price cut, unpaid claims and unfavorable competition have hindered insurance growth, stressing that a deeper look at customer needs is needed to deepen insurance penetration.
He said there is need to attract people of talent into the industry, adding that only 20 per cent of the youth prefer to work in the insurance industry.
According to him, the inclusiveness in the industry has to be improved and insurance should be simple as there is misalignment between insurance and practice of insurance.
“We need to get more closer to our customers, the industry must begin to rebuild trust, develop knowledge and skills,” he added.
Deputy Commissioner, Technical, National Insurance Commission (NAICOM), Sunday Thomas, commended the leadership of the CIIN for sustaining the legacies laid by the founding fathers of the institute.
He pledged NAICOM’s supports to the development of the institute, stressing that the commission would continue to work closely with the institute to develop the industry.
President of the CIIN, Eddie Efekoha, who was excited over the progress made so far by the institute pledged to continue to carve new ways of taking the institute and industry to lofty heights.